New Delhi: GST Council On Friday lowered levies on several life-saving drugs, agreed to correct the tax structure for a range of products – from textiles and footwear to pens – and unanimously concluded that petrol and diesel are currently being taxed under this tax regime. There is no need to include.
The concessional GST rates for four COVID drugs were extended for three months till December 31, while the tax rate was reduced for several items, including biodiesel, used to blend diesel, used by the disabled. Includes retro-fitment kit and carton, box for used vehicles. , bags and containers packing of paper.
Though the issue of GST on fuel – which states are opposing – was on the agenda, Finance Minister Nirmala Sitharaman clarified that it was a result of the High Court’s direction which wanted the GST Council to look into the issue.
Another ministerial panel will look into e-way bill, FASTag, technology and compliance and rectification of loopholes.
In the context of the recent directions of the Kerala High Court, whether specified petroleum products should be brought under the purview of GST, the issue was placed before the Council for consideration. After discussion, the Council unanimously considered that it is not appropriate to do so at this stage,” Sitharaman said.
A major thrust was placed on reforming the inverted duty structure (where the final product is charged higher than the input), which would result in an 18% tax on pens, railway parts, locomotives and some other goods. In the case of textiles and footwear, which also suffer from the same problem, the details were not shared by the government.
A group of ministers is being set up to look at other areas where reforms may be required, Sitharaman told reporters after the meeting, the first physical gathering in more than 16 months. However, he clarified that the group would not consider reworking the slab. Another ministerial panel will look into e-way bill, FASTag, technology and compliance and rectification of loopholes.
The concessional GST rates for four COVID drugs were extended for three months till December 31, while the tax rate was reduced for several items, including biodiesel, used to blend diesel, used by the disabled. Includes retro-fitment kit and carton, box for used vehicles. , bags and containers packing of paper.
Though the issue of GST on fuel – which states are opposing – was on the agenda, Finance Minister Nirmala Sitharaman clarified that it was a result of the High Court’s direction which wanted the GST Council to look into the issue.
Another ministerial panel will look into e-way bill, FASTag, technology and compliance and rectification of loopholes.
In the context of the recent directions of the Kerala High Court, whether specified petroleum products should be brought under the purview of GST, the issue was placed before the Council for consideration. After discussion, the Council unanimously considered that it is not appropriate to do so at this stage,” Sitharaman said.
A major thrust was placed on reforming the inverted duty structure (where the final product is charged higher than the input), which would result in an 18% tax on pens, railway parts, locomotives and some other goods. In the case of textiles and footwear, which also suffer from the same problem, the details were not shared by the government.
A group of ministers is being set up to look at other areas where reforms may be required, Sitharaman told reporters after the meeting, the first physical gathering in more than 16 months. However, he clarified that the group would not consider reworking the slab. Another ministerial panel will look into e-way bill, FASTag, technology and compliance and rectification of loopholes.
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